Hello all,
I am hoping to learn from those who have done this before so I will be prepared when I leave my
current AUM advisor.
I currently have around half my investments with this advisor - one taxable brokerage account and one
IRA account, both hosted at Schwab. I have my own self-managed accounts (also one taxable brokerage
and one IRA) at Schwab as well. The AUM advisor does very little for us (except deduct fees) and my
account has been basically on auto-pilot for a few years now.
The total amount I pay each year has been rising with the account value and it's no longer worth the value I receive.
I am comfortable managing my own investments, thanks to years of learning from all of you here. If I need help in
the future, I will hire an hourly fee-based advisor.
A couple of questions I do have before pulling the trigger though -
(1) Do Advisors generally charge some sort of break-up fee when terminating or do they just release
the accounts to the owner? I could find no mention of any fees, but wanted to see if anyone has hit this.
(2) Would the two accounts simply turn over to me so I can access them as an owner, or would I need to transfer
them to either a new Schwab account, or roll them over into my other similarly purposed Schwab accounts?
(3) Of course, they have me in a lot of the more complicated "Institutional"funds - especially in the IRA account.
Can I even own these if I'm not using an advisor? And can I sell them without paying some huge transaction fee?
Thank you for reading this and providing any input. I appreciate all the advice.
I am hoping to learn from those who have done this before so I will be prepared when I leave my
current AUM advisor.
I currently have around half my investments with this advisor - one taxable brokerage account and one
IRA account, both hosted at Schwab. I have my own self-managed accounts (also one taxable brokerage
and one IRA) at Schwab as well. The AUM advisor does very little for us (except deduct fees) and my
account has been basically on auto-pilot for a few years now.
The total amount I pay each year has been rising with the account value and it's no longer worth the value I receive.
I am comfortable managing my own investments, thanks to years of learning from all of you here. If I need help in
the future, I will hire an hourly fee-based advisor.
A couple of questions I do have before pulling the trigger though -
(1) Do Advisors generally charge some sort of break-up fee when terminating or do they just release
the accounts to the owner? I could find no mention of any fees, but wanted to see if anyone has hit this.
(2) Would the two accounts simply turn over to me so I can access them as an owner, or would I need to transfer
them to either a new Schwab account, or roll them over into my other similarly purposed Schwab accounts?
(3) Of course, they have me in a lot of the more complicated "Institutional"funds - especially in the IRA account.
Can I even own these if I'm not using an advisor? And can I sell them without paying some huge transaction fee?
Thank you for reading this and providing any input. I appreciate all the advice.
Statistics: Posted by dang1 — Sat Jul 06, 2024 8:11 pm — Replies 5 — Views 390